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The Washington Post is reporting that the House Energy and Commerce Committee passed the controversial cap and trade bill, a 1,000-page document, giving committee members less than a week to review and debate it.

The committee, chaired by Democrat Henry Waxman (California) (see previous post “Will Waxman Get His Way?”) passed the measure 35 – 25 after late-night sessions.

If the bill passes the full House and Senate, it would impact everyone’s wallets.  The average family could see increases of over $4,000 “per year in a few decades,” according to the Washington Post.

It’s not certain whether this bill, as it stands now, will even get past the House because it has resistance not just from the Republicans but also from some Democrats who are concerned about its impact on industries including agriculture, according to the Washington Post.

The Washington Post reports that the Senate has never passed any cap and trade measure.

In their usual way of doing things, expect this bill to be amended and watered-down by the House and then again by the Senate.  But, if the Democratic majority does manage to get it to the President’s desk with its main features, we can all expect prices to go up on mostly everything including electricity, groceries, and consumer goods.

Instead of lawmakers putting through what is essentially another tax, why don’t they work on ways to offer incentives for power companies and other industries to break away from dependency on foreign oil?

Washington Post Link to story:  House Panel Passes Limit on Greenhouse-Gas Emissions – washingtonpost.com